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Stock Alert: Textron Jumps 10%

Shares of business conglomerate Textron Inc. (TXT) were up $4.61 or 9.96% on Tuesday before closing at $50.90. The stock crossed a 200-day moving average of $48.04 yesterday and has been trading in a range of $42.30-$58.00 during the past one year.

Textron operates in the aircraft, defense, industrial, and finance businesses.

Last month when the company reported fourth-quarter results, revenue had grown 7.6% year-on-year to $4.035 billion.

Net income, however, decreased to $199 million or $0.87 per share from $246 million or $1.02 per share in the comparable quarter last year. The bottom line was affected by the poor performance of the industrial segment compared to last year. Adjusted EPS of $1.11 beat the consensus estimate of $1.09.

For the full-year, Textron expects earnings to be in the range of $3.50 to $3.70. Revenue is seen at $14 billion, up from $13.6 billion in 2019. Analysts forecast earnings of $3.61 on revenues of $14.06 billion for the period.

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